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A larger reverse head and shoulders formed on 30 min chart, beginning with
pivot high on 11/6 close failed yesterday. While the H&S failure is not yet
fatal, when viewed from the context of divergences in momentum and breadth,
it appears that we have some base building to do. Given the strength of
yesterday's run to new rally high before the decline into the close, I would
prefer to see a failure rally into 1150+ before we go down but doesn't have
to happen. The fact that we were able to take out 8/19 pivot high and remain
above it for several days suggests that any move to downside will not be
large - current downside target is 1100 on 19th or 25th.
Earl
-----Original Message-----
From: Ira <ist@xxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, November 17, 1998 5:29 PM
Subject: SnP
>Well hind sight is always 20/20. the count on the 60 minute gave a
>target of about 1156 +/- a couple of ticks. The reverse head and
>shoulders formed yesterday and last night gave a target of 1158. the fib
>target was 1160 and I still have 1160.90 for the next stop. there is
>still no down leg formed, but there are divergence's in the stochastic
>and RSI readings. Could a retracement be in the offing? Good trading,
>Ira
>
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